BTCUSD Elliott Wave Technical Analysis 15 December 2022
4 Hour
Bitcoin / U.S.dollar (BTCUSD)
BTCUSD Elliott Wave Technical Analysis
Function: Follow trend
Mode: Motive
Structure: Impulse
Position: Wave 3
Direction Next higher Degrees: Wave 1 of Motive
Details: Rise an uptrend in wave 3, Wave 3 is usually 1.618 or 2.618 x the length of wave 1
Wave Cancel invalid level: 16017
Bitcoin / U.S.dollar (BTCUSD)Trading Strategy: Bitcoin has recovered well from the 15479 level and the price continues to be driven by constant buying pressure. Moreover, the price has managed to break through the MA200 and MA50 lines, thus the uptrend opportunity is still in play. And the price is likely to trade above the 19500 level.
Bitcoin / U.S.dollar (BTCUSD) Technical Indicators: The price is above the MA200 MA50, indicating an Uptrend. The wave oscillators above Zero-Line Momentum are bullish
Daily
Bitcoin / U.S.dollar (BTCUSD)
BTCUSD Elliott Wave Technical Analysis
Function: Follow trend
Mode: Motive
Structure: Impulse
Position: Wave ((3))
Direction Next higher Degrees: wave I of Motive
Details: Rise an uptrend in wave 3, Wave 3 is usually 1.618 or 2.618 x the length of wave 1
Wave Cancel invalid level: 15479
Bitcoin / U.S.dollar (BTCUSD) Trading Strategy: Bitcoin has recovered well from the 15479 level, and a Bullish Divergence signal from the wave oscillator, so the uptrend prospects remain bright. But even so, the price will test the MA50 line if it fails to pass. The price may undergo another retracement in an uptrend.
Bitcoin / U.S. dollar (BTCUSD) Technical Indicators: The price is below the MA200, indicating a downtrend. the wave oscillator has a Bullish Divergence signal price may change in an uptrend
